AbstractThe aim of this study is to do a critical analysis, on the basis of different objectives, the banks registered in Lithuania during the recession years 2008-2009. As these banks work in the same macro-economic environment, the objectives are chosen on the basis of the CAMEL classification (‘C’ Capital adequacy, ‘A’ Asset quality, ‘M’ Management quality, ‘E’ Earnings, ‘L’ Liquidity). Traditional Cost-Benefit Analysis is not suitable enough for this. Indeed Cost-Benefit analysis translates all direct and indirect costs and other objectives (benefits) into money terms. On the contrary, Multi-Objective Optimization takes care of the different objectives, with objectives keeping their own units. Different methods exist for the application of Multi-Objective Optimization. In our research, we tested these methods for their robustness. MOORA (Multi-Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus a Full Multiplicative Form), showed positive results on these tests. Therefore MULTIMOORA was chosen for the ranking of the Lithuanian Banks during the recession years 2008-2009.